parallel company
SNS “Parallel” completes series C funding. Cumulative procurement amount is approximately 2.9 billion yen
Largest procurement record for domestic SNS / Active users are hitting record highs / Japan-based SNS used all over the world
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Parallel, a hangout app where you can hang out with friends (Operating company: Parallel Co., Ltd., Location: Minato-ku, Tokyo,
Representative Directors: Minoru Aoki and Daiki Toshihara), received a series C round from existing investors JAFCO Group and KDDI. In addition to Open Innovation Fund No. 3, Mitsubishi UFJ Capital, NTT Docomo Ventures (fund name: Docomo Innovation Fund No. 3 Investment Limited Partnership) and 4 other underwriters will raise a total of approximately 1.2 billion yen. We have carried out. This investment from the Docomo Innovation Fund, which has been in existence since 2013, is the largest amount in the fund’s history.
The total amount of funding raised over four rounds, from seed to Series C round, is approximately 2.9 billion yen, which is the largest amount of funding for an SNS startup from Japan.
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About “parallel”
A social space rooted in the fundamental desires of people around the world We aim to develop a SNS that people all over the world can use by fulfilling the fundamental desire that everyone has: “I want to maximize the time I spend with the people I love.”
When we say SNS, we don’t mean “social media,” where you watch viral content from people you don’t know, but rather we operate
“Parallel,” a “social space” where you can have real communication with your close friends.
“Parallel” is an online hangout where you can meet up with friends and enjoy various mini-games, videos, and music while making calls and chatting. Even if you can’t join in real time, you can see information about what your friends are playing, and you can easily enjoy shared content with your friends.
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Product track record
Over 4 million registered users, 25% overseas ratio, 70% Generation Z users “Parallel” has spread mainly through word of mouth, mainly among Generation Z, and the number of registered users has exceeded 4 million, with the overseas ratio reaching 25%. The average usage time per day is over 3 hours, and approximately 65% of users in Japan use the app at least 5 times a week, making it a popular choice for daily communication.
At the game event held in August 2023, 9,555 schools, or about 70% of the total number of junior high and high schools nationwide, participated, and usage is accelerating, especially among young people.
Reference press release:
https://prtimes.jp/main/html/rd/p/000000019.000056314.html
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Overview of this financing
Over the past few years, work environments and events have moved online, and the amount of entertainment content that can be enjoyed online has exploded, and playdates with friends are increasingly moving online. On the other hand, in a world overflowing with content and making it difficult to make optimal choices, we believe that it is becoming more important to focus on “who” you play with, rather than “what” you play.
“Parallel” creates a social space where you can play entertainment content online with the people you like, and the following investors who saw the potential invested in it.
The funds raised this time will be used to acquire human resources, develop functions, and form alliances with entertainment companies for further business growth.
List of Series C investors (in no particular order)
■New investors
NTT Docomo Ventures
adways ventures
Shizuoka Capital
Capital
Resona Capital
■Existing investors
jafco group
KDDI Open Innovation Fund No. 3
Mitsubishi UFJ Capital
Comments from investors
Daisuke Miyoshi, Managing Director, NTT Docomo Ventures, Inc. Parallel provides a hangout app where you can hang out with friends, mainly for Generation Z. Parallel is a very interesting concept for me, as I have been considering whether it would be possible to recreate online the kind of community that used to exist when people gathered at friends’ houses to play games and read manga after returning home from school. I was surprised that we had already managed to attract so many users. In the future, we will consider collaboration with NTT Docomo’s content business and services. JAFCO Group Co., Ltd. Partner Tomotake Kitazawa Senior Associate Ayuaki Shirakawa
Since our investment in the last round, the way people play on parallel hangouts has diversified, and the range of users has expanded rapidly.
By continuing to prove the value of our service to new user groups, we have strong expectations that it will become a SNS that is used by people of all ages and genders around the world. Our entire company will continue to support the company’s growth as it aims to realize its big vision.
Mr. Kazuhiko Chuma, Deputy General Manager, Business Creation Division, KDDI Corporation
When did Japanese internet businesses become followers?
Are Japanese startups providing content on platforms built by Big Tech? No, there is a parallel in Japan. They are trying to create a unique Internet culture, and are sure to secure a position as a new social service that can win in the world.
With these expectations in mind, we will continue to support them with all our might and hope to take on the challenge of reaching the world stage together.
Mitsubishi UFJ Capital Co., Ltd. Investment Manager Junichi Taguchi Following on from 2020 and 2021, we have made an additional investment in Parallel, a company that is rapidly growing as a hangout app where you can get together with friends and enjoy content while chatting. Although it is mainly targeted at Generation Z, it is a service that has the potential to be widely used by all generations and even overseas.
We hope that MUFG’s network will continue to support Parallel, which continues to provide new opportunities for online communication and continues to grow.
Recruitment information
In order to make “Parallel” an SNS that is used around the world, we are looking for members who will drive business growth.
Recruitment information:
https://parallelcorp.notion.site/afefff40df8f407c9a26741b97c05eb4
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Company Profile
Company name: Parallel Co., Ltd.
Representative: Minoru Aoki / Daiki Toshihara
Location: 3-19-10-101 Nishiazabu, Minato-ku, Tokyo
Company website: https://www.parallelcorp.com
Product site: https://parallel.chat
More details about this release:
https://prtimes.jp/main/html/rd/p/000000023.000056314.html